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43Change of approved regulator

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(1)A licensed legal services provider may transfer voluntarily to the regulation of a different approved regulator (a “new regulator”) from the one which issued its current licence (the “current regulator”).

(2)But the transfer requires the new regulator’s written consent (and its agreement to issue the licensed provider with a licence having effect from the date on which the transfer is to occur).

(3)Where a licensed provider wishes to do so, it must—

(a)give a notice which complies with subsection (4) to—

(i)the current regulator, and

(ii)the Scottish Ministers, and

(b)provide such further information as may reasonably be required by either of them.

(4)A notice complies with this subsection if it—

(a)explains why the licensed provider wishes to transfer to the regulation of a new regulator,

(b)specifies—

(i)the new regulator,

(ii)the date on which the transfer is to occur (which must be within 28 days of the date of the notice), and

(c)is accompanied by a copy of the new regulator’s written consent to the transfer.

(5)On the coming into effect of a licence issued to the licensed provider by a new regulator, the licence issued to it by the current regulator ceases to have effect.

(6)The Scottish Ministers may by regulations make further provision about the transfer by a licensed provider to the regulation of a new regulator.

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